General Motors (NYSE:GM) Shares Sold by Scotia Capital Inc.
Scotia Capital Inc. reduced its position in General Motors (NYSE:GM) (TSE:GMM.U) by 18.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 144,267 shares of the auto manufacturer’s stock after selling 32,395 shares during the quarter. Scotia Capital Inc.’s holdings in General Motors were worth $5,559,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in General Motors by 6.7% in the 1st quarter. BlackRock Inc. now owns 83,427,385 shares of the auto manufacturer’s stock valued at $3,095,158,000 after buying an additional 5,215,771 shares in the last quarter. FMR LLC grew its holdings in shares of General Motors by 83.3% during the 1st quarter. FMR LLC now owns 8,016,745 shares of the auto manufacturer’s stock worth $297,421,000 after purchasing an additional 3,643,659 shares during the period. Korea Investment CORP grew its holdings in shares of General Motors by 321.1% during the 2nd quarter. Korea Investment CORP now owns 4,302,991 shares of the auto manufacturer’s stock worth $165,794,000 after purchasing an additional 3,281,200 shares during the period. OppenheimerFunds Inc. grew its holdings in shares of General Motors by 30.7% during the 1st quarter. OppenheimerFunds Inc. now owns 7,612,200 shares of the auto manufacturer’s stock worth $282,413,000 after purchasing an additional 1,786,037 shares during the period. Finally, Ruffer LLP grew its holdings in shares of General Motors by 24.2% during the 1st quarter. Ruffer LLP now owns 6,497,087 shares of the auto manufacturer’s stock worth $241,073,000 after purchasing an additional 1,266,570 shares during the period. 77.36% of the stock is owned by hedge funds and other institutional investors.
General Motors stock traded down $0.39 during midday trading on Thursday, reaching $39.07. 6,981,363 shares of the stock traded hands, compared to its average volume of 8,639,932. The company has a 50-day simple moving average of $38.48 and a two-hundred day simple moving average of $38.02. General Motors has a 12-month low of $30.56 and a 12-month high of $41.90. The firm has a market cap of $56.51 billion, a PE ratio of 5.97, a price-to-earnings-growth ratio of 0.65 and a beta of 1.42. The company has a current ratio of 0.96, a quick ratio of 0.83 and a debt-to-equity ratio of 1.56.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date is Thursday, September 5th. General Motors’s dividend payout ratio (DPR) is 23.24%.
A number of research firms have recently weighed in on GM. Nomura set a $38.00 price target on General Motors and gave the stock a “hold” rating in a report on Wednesday, August 7th. Royal Bank of Canada increased their price target on General Motors to $52.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. They noted that the move was a valuation call. Morgan Stanley set a $46.00 price target on General Motors and gave the stock a “buy” rating in a report on Monday, August 12th. Credit Suisse Group began coverage on General Motors in a report on Wednesday, June 26th. They set an “outperform” rating and a $48.00 price target for the company. Finally, Evercore ISI set a $50.00 price target on General Motors and gave the stock a “buy” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $47.62.
In other General Motors news, EVP Matthew Tsien sold 83,067 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $39.50, for a total value of $3,281,146.50. Following the sale, the executive vice president now owns 84,667 shares of the company’s stock, valued at approximately $3,344,346.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Mark L. Reuss sold 275,944 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $40.03, for a total value of $11,046,038.32. Following the completion of the sale, the president now directly owns 479,413 shares in the company, valued at approximately $19,190,902.39. The disclosure for this sale can be found here. Insiders have sold a total of 375,944 shares of company stock valued at $14,996,038 over the last 90 days. 0.51% of the stock is currently owned by company insiders.
General Motors Profile
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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